Nifty daily chart

Nifty

Nifty has made a sharp bounce back from the low of 5683 and marginally closed above 200 DMA. Continuation of uptrend on Monday will confirm the uptrend. We will initiate long if Nifty closes above 5830.  This intermediary pull back can sustain as long as Nifty is above 5750. If Nifty sustains below 5750 for few hours then it is better to exit long positions.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5683

Thought for the day

 

Somebody said to god " I want peace " . God said remove "I" that is ego , remove "want" that is desire and  peace will be automatically there.

Technical updates on Tata Motors , TCS and ITC

Tata Motors weekly chart

Tata Motors has reached an important support level at 285 in weekly chart. If it closes below this level on weekly basis then we might notice decent amount of fall . Since tomorrow is the last trading session of the week traders should closely watch Tata Motors.

TCS

TCS has closed below trend line support and hence there are possibilities of further fall.

ITC

After breakout from resistance at Rs.324 ITC reached a peak of Rs.350. But now it has once again closed below trend line support. Wait for further fall before considering long.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5683

284 points correction since indication on 23/05.  Still you want to follow US market , IIP , Inflation , RBI policy ??!! Well , good luck.

Thought for the day

We should never negotiate out of fear, but we should never fear to negotiate .

Nifty below 200 DMA !

Nifty

 

 

Nifty has closed below 200 DMA . Whenever an index , stock , commodity closes below 200 DMA major fall is likely to happen. Since Nifty has closed below 200 DMA there are two possibilities. One is it should hold 5750 which is 31.8% retracement in weekly chart or it should reach trend line support at 5640 which is also 78.6% retracement in weekly chart. I am expecting 5640 but if Nifty closes above 5880 trend will reverse.

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

 

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5760

Bank Nifty below 200 DMA

Bank Nifty

Bank Nifty has closed below 200 DMA at 11850 for the first time since April. Now it is likely to reach a target of 11450 in short term.

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5780

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

 

Thought for the day

Just because you have problems, it doesn't mean you should not have Dreams. Instead, let your dream become the scheme to solve your problems .

 

Technical updates on Bank Nifty and Lead

Bank Nifty

As expected yesterday Bank Nifty has continued down trend and reached another support level 12100. Traders who are holding short should book profit and wait for clear direction.

Lead

As per our trend indicator Lead has started downtrend. We have initiated short at Rs.123.70 and  expecting a target of Rs.116.50-113.50.

Disclaimer : Charts presented here are not for recommendation or to advice . They are for educational purpose. More details such as stop loss , target are shared with subscribers.

 

Nifty medium term trend

Trend	DOWN
Initiation Date	23-05-13
Initiated at	5967
Low since change	5857

Thought for the day

 

No man needs sympathy because he has to work, because he has a burden to carry. Far and away the best prize that life offers is the chance to work hard at work worth doing .